Bring whole milk and water to a slow simmer in a large pot, over
medium/low heat. Stir in rice, add in cinnamon sticks and barely
simmer, uncovered, until rice is softened which should be about
20-30 minutes. Stir occasionally. When rice is soft, remove
cinnamon sticks and stir in condensed milk, vanilla, salt and raisins.
Return to a slight simmer and cook for an additional 10-15 minutes
or until most of the liquid is absorbed and rice has a pudding-like
consistency. Serve hot, topped with a sprinkle of cinnamon or
butter.
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